Dutch based firm Goodwell Investments has allocated Ksh. 203,120,000 (US$ 2 million) to finance Nairobi headquartered Copia; one of Africa’s most promising ecommerce businesses.
Copia is an ecommerce business that specializes in supplying products and services to marginalized parts of Kenya by using a combination of technology, local agents, efficient delivery strategies, a broad and affordable product offering and reliable services.
Copia enables households to access goods that would otherwise be difficult to obtain and according to Goodwell this perfectly mirrors the investment firm’s strategy.
“The company-Copia- has a large and positive social impact in the rural communities it serves. It provides consumers with a wide choice of products at affordable prices via a business that is close to them and that they can trust to deliver quality,” the firms said in a joint statement.
“All this aligns with the Goodwell strategy of giving more un(der)served people in the lowest income segments access to better quality, more relevant and more affordable basic goods and services.”
The partnership will also fit perfectly under Goodwell’s uMunthu fund whose mission is to invest up to 50 per cent of its funds in inclusive businesses operating in sectors other than financial inclusion that matter to low income households.
Copia was founded by Americans Tracey Turner and Jonathan Lewis and launched in 2013 with 20 agents. It has shown dramatic growth over the past few years and now works with over 3,000 agents, counts some 40,000 customers, and executes over 80,000 orders a month. Since 2015, the company’s revenues have grown significantly year after year. Even so, the growth potential for Copia remains huge as it currently covers around 28 per cent of Kenya and reaches only a minority of households.